Elon Musk's SpaceX IPO filing is out

SpaceX on Wednesday disclosed its filing for an initial public offering, ahead of an expected stock market debut next month.

Why it matters: This is expected to be the largest IPO ever, and could make Elon Musk the world's first trillionaire.

Catch up quick: Musk launched SpaceX in 2002 with the goal of one day colonizing Mars.

• Since then, it has become the world's most successful commercial space company by far and inspired rival efforts by billionaires like Jeff Bezos and Richard Branson.
• It has also become a major partner to NASA and created the Starlink satellite internet network.
• More recently, SpaceX acquired xAI — Musk's frontier lab that itself had just merged with X (formerly Twitter) — with plans to focus on orbital data centers.
• SpaceX filed its IPO confidentially with the SEC on April 1.

By the numbers: SpaceX financials are complicated, because of its recent merger with xAI (which itself recently merged with the company formerly known as Twitter).

• It reports a $4.9 billion net loss on $18.67 billion in revenue for 2025, inclusive of the entire current business.
• For Q1 2026, it bookerd a $4.27 billion net loss on $4.69 billion in revenue.
• Musk holds 85.1% of voting power in SpaceX, thanks to a dual-class stock structure.

Look ahead: SpaceX is expected to begin trading in late June on the Nasdaq under ticker symbol "SPCX."

Note: This is a breaking story. Check back here for updates.